Woodside Petroleum gained $1.33, or 5 per cent, to
$24.94, Origin gained 46c, or 5 per cent, to $7.55 and
Caltex gained 90c to $15.70.

News Corp shares rose on Friday despite fears
institutional investors could dump as much as $US2.5 billion in
stock as the company was downweighted from the ASX 200 following
its relocation to Delaware.

Goldman Sachs JBWere analysts advised investors to leave the
reweighting period overweight in the stock as it considered the
stock "looks cheaper versus US peers".

Credit Suisse First Boston said the move "provides the
opportunity for the stock to perform more in line" with its new US
peers.

News Corp's Australian-listed voting shares, which have fallen
as much as 17 per cent since December on currency moves and
concerns of heavy selling at the re-weighting, gained 42c on Friday
to close the week 21c stronger at $22.76.

Investors expecting a correction in the near term on the
Australian market were encouraged back to the market this week when
Goldman Sachs JBWere forecast as much as $36 billion in cash could
hit investors' pockets in coming months through takeovers, dividend
payments and cash returns.

But investment bank UBS warned on Friday it saw "significant
scope for earnings disappointment over the next 12 months".

"What has recently increased our caution on the outlook for
earnings over the next six to 12 months is that the traditional
macroeconomic warning signs of a significant slowdown in earnings
cycle are now in place, namely a slowdown in domestic demand and a
rise in the corporate cost base."

The benchmark ASX 200 index gained 45.3 points this week to
close at a record 4249.1, up 16.7 points on Friday. The index has
now gained 5 per cent this year after gaining 23 per cent last
year.

The broader All Ordinaries index gained 18.2 points this week to
close at 4236.8, gaining 19.5 points on Friday.

Elsewhere, veterinary drug maker Chemeq was the biggest
gainer in its final week in the ASX 200, up 51c, or 45 per cent,
this week to $1.70 amid optimism shareholders will approve a $60
million rescue package next week.